The role of Analytics in an Organisation has completely changed over the years. Earlier the higher-level officers and Board Members used to make the most decisions based on their experience and knowledge. But now the statistics and historical performance are used in the form of Analytics to make the major decisions in an Organisation.
The organizations use Descriptive Analytics and Predictive analytics using Machine Learning to analyze where they are standing and what they should learn from their past behavior to improve their performance in the future. The role of Analytics is to describe how a particular decision can positively or negatively impact the organization’s future outcomes.
The Role of Analytics in Machine Learning
The primary duty of a Data Scientist is to make predictions based on analytical models that are prepared using the organization’s historical performance. As the business environment keeps changing, so sometimes an organization can face some unknown factors that can impact profoundly in the future in a negative way.
So the role of Analytics plays a significant part here, as the Data Scientists always keep making analytical models that can help an organization tackle the uncertain events of the change in the business environment. There are majorly two types of Analytics:
The role of Analytics using the descriptive approach helps an organization understand its current position in the competitive business environment. In this approach, a Data Scientist tries to understand the business’s historical performance to make a judgment whether the organization is currently doing good or not.
The Predictive Analytics helps the business to understand the wrong decisions and detect the anomalies within the data. By doing so, Data Scientists can analyze a lot of data to predict future outcomes. The role of Analytics in this approach helps the organization to reflect the changes in the business.
The role of Analytics has been growing and is expected to grow forever as the new technology is continuously entering the market. So an organization depends a lot on the analytics to anticipate it’s future.
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